Shane Warne’s charitable foundation is reportedly under investigation due to its financial practices.

The Sunday Age reports the practices of The Shane Warne Foundation, that aims to enrich the lives of underprivileged children, have come under the gaze of watchdog Consumer Affairs Victoria.

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According to the report, TSWF passes on just 16 cents in every dollar raised to its nominated charities, with the majority of money raised paying for the staging of glitzy events and even providing an income to Warne’s brother Jason who was listed as the general manager of the organisation.

“Consumer Affairs Victoria is concerned about a number of inconsistencies in The Shane Warne Foundation’s reporting and accounting practices and is looking into this matter,” a spokeswoman told The Age.

“The Shane Warne Foundation has advised it has had a number of staffing changes and has sought a meeting with Consumer Affairs Victoria to seek further information concerning their fundraising and record keeping obligations.”

TSWF’s current general manager Emma Coleman declined to comment on the allegations.

Elizabeth Hurley, Russell Crowe, Karl Stefanovic and Michael Clarke are among the TSWF’s ambassadors. According to Shane Warne the foundation has raised around $8 million since it was founded in 2003.